Delek US Holdings, Inc.

Joseph Israel, EVP Operations, and Mark Hobbs, EVP Chief Financial Officer. Today's presentation material can be found on the Investor Relations section of the DELIC US website. Slide 2 contains our safe harbor statement regarding forward-looking information. Any forward-looking information shared during today's call will include risks and uncertainties that may cause actual results to differ materially from today's comments. Factors that could cause actual results to differ are included here as well as within our SEC filings. The company assumes no obligation to update any forward-looking information. I will now turn the call over to Abigail for opening remarks. Abigail?

Thank you, Robert. Good morning, and thank you for joining us today. In the third quarter, excluding SREs, DELEC reported strong adjusted EPS of $1.52 and adjusted EBITDA of approximately $319 million. These results are a reflection of DELEC's strong momentum. We had excellent contribution from our enterprise optimization plan with a notable progress from all business units. As a result, we are again increasing our EOP guidance to at least $180 million on an annual run rate basis. During the third quarter, EPA approved several of our pending 2019 to 2024 ESRI petition. And we expect to receive proceeds of approximately $400 million for monetization of the granted RINs. We are also encouraged by the guidance EPA has issued about SREs for future RVO. From everything we see today, we continue to expect appropriate action on SREs in the future. Some of the PART efforts also continue to progress well. DKL continues to make progress in improving its premier position in the Permian Basin. As a result of the strong progress DKL has made this year, we are increasing DKL full-year EBITDA guidance to between $500 and $520 billion. As I always do, I will now give an update on our key long-term priorities in more detail. First, safe and reliable operations. We had a strong operational quarter in our refining system. CSR had a record throughput quarter, and it's continuing its strong momentum since its turnaround last year. Congratulation quotes Tyler, Eldorado, and Big Sprint also had a strong operation. Now, I would like to discuss our EOP progress. As a reminder, we started EOP with an aim to improve DK cash flow by 80 to 120 million dollars on a run rate basis, starting in the second half of 2025. The structural changes we are making in the way we ran our company are delivering meaningful results across all business units. In the third quarter, supply and marketing had a strong contribution driven by structural improvement in our wholesale business. We are very proud of the way the commercial team is looking in the entire wholesale value chain to serve our customers. During the third quarter, we estimate approximately $60 million of EOP contribution to our P&L. Based upon these strong results, we are once again increasing our target of an annual run rate EOP improvement from the midpoint of $150 million to at least $180 million. I'm proud of how EOP has become a cornerstone of DELE continuous improvement culture, and I'm confident EOP will remain a core strength well into DELE future. As I mentioned before, during the third quarter, the EPA cleared the backlog of pending SRE petition from 2019 to 2024. We see this announcement as a critical part of the current administration and EPA energy policy. This SRE announcement have three important implications for our business. First, for the grant years of 2023 and 2024, we have followed a proactive strategy to monetize the granted RINs. We expect to receive approximately $400 million in proceeds from this monetization over the next six to nine months. We intend to prudently use this cash flow in line with our consistent capital allocation framework. For years 2019 to 2022, while we appreciate EPA granting our petition, EPA remedy is invalid. and encourage the strategy followed by our peers who chose not to comply. We are making efforts to get full value from these grants in line with the intention of the RFS law. I'm confident EPL will continue its methodical approach to SRE grants, furthering energy dominance and supporting high paying jobs in the heart of rural America. I'm also proud of the progress DKL is making With commissioning of DKL Libby II plant and the completion of intercompany agreements, we are making great progress in making DK and DKL economically independent. We are working in an industry-leading comprehensive sour gas solution, including gathering, treatment, acid gas injection, and processing, along with providing market access for residue gas and MGLs. This capability will provide DKL the ability to fully capitalize on all of its growth opportunity in the Delaware Basin and maintain its best-in-class EBITDA growth and distribution yield. Based on the progress DELEC Logistics has made, we are increasing DKL full-year 2025 EBITDA guidance to between 500 and 520 million dollars. Final piece of our strategy is being shareholder friendly and having a strong balance sheet. During the quarter, we paid approximately $15 million in dividend and bought back approximately $15 million of our shares. Our strong balance sheet, improved reliability, and confidence in EOP has enabled us to continue counter technical buyback in 2025. I'm proud to say that over the last 12 months, DELEC had the highest total return yield buyback plus dividend among all of its refining peers. We remain committed to a disciplined and balanced approach to capital allocation and look forward to continue rewarding our shareholders. In closing, thank you to our team for their dedication. We are optimistic about finishing 2025 strong and building on this momentum into the future. Now, I will turn the call over to Joseph, who will provide additional color on our operations.

Thank you, Avigal. Operations reliability in the third quarter was consistent with our guidance, with a third consecutive record high throughput set in crop springs. Our refining system continues to implement EOP initiatives at all sites. We have been successful in the bottlenecking, improving liquid yield recovery, maximizing production value, and optimizing sulfur and benzene balances. At the same time, the commercial team has reworked contracts and optimized our new logistics to expand market optionality. Starting with Tyler, total throughput in the third quarter was 76,000 barrels per day. Our production margin was $11.32 per barrel, and operating expenses were $4.93 per barrel. For the fourth quarter, our estimated total throughput in Tyler is in the 70 to 78,000 barrels per day range. In El Dorado, total throughput in the third quarter was approximately 83,000 barrels per day. Our production margin was $7.43 per barrel, and operating expenses were $4.50 per barrel. EOP implementation is well reflected in our margin realization as we continue to trend toward our $2 per barrel of incremental capture in our El Dorado system. Our planned throughput for the fourth quarter is in the 67 to 75,000 barrels per day range, considering seasonal trends. In Big Spring, total throughput in the third quarter was approximately 70,000 barrels per day. Our production margin was $10.99 per barrel, and operating expenses were $7.20 per barrel. In the fourth quarter, the estimated throughput is in the 62 to 70,000 barrels per day range. In Cross Springs, total throughput in the third quarter was approximately 85,000 barrels per day. Our production margin was $9.01 per barrel, and operating expenses in the quarter were $5.35 per barrel. Our planned throughput for the fourth quarter is in the 70,000 to 80,000 barrels per day range. Our implied system throughput targets for the fourth quarter is in the 271,000 to 303,000 barrels per day range. This late outlook for the fourth quarter is strong as we are pushing a 42% distillate capability system accordingly. Moving on to the commercial front, excluding SLEs, supply and marketing contributed approximately $130 million in the quarter. Of that, approximately $70 million was generated by wholesale marketing. Asphalt, contributed a gain of approximately $6 million, with the remaining contribution coming from supply. In summary, the third quarter marked another successful execution of our operating plans. The focus on the fundamentals has allowed us to focus on capture improvements through EOP. Mark will now address the financial variance.